저자: CharlieMunger · 외국인
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부채를 피하고 지출보다 적게 쓰며 꾸준히 배우고 지연된 만족을 택하면 성공 확률이 높다. 유해한 사람은 빨리 인생에서 멀리하고, 타인을 이름으로 칭찬하고 범주로 비판하라. 스트리밍 사업은 시청 시간 증가에 한계가 있어 가격 인상이 어렵고 경쟁이 치열하다는 취지. 특정 종목 투자 조언은 하지 않는다고 명시.
다듬은 글
well it's it's so simple to spend less than you earn and invest shrewdly and avoid toxic people and toxic activities and try and keep learning all your life etc etc and do a lot of deferred gratification because you prefer life that way and if if you do all those things you are almost certain to succeed and if you don't you're going to need a lot of luck a lot of luck and you don't want to need a lot of luck you want to go into a game where you're very likely to win without having any unusual luck I'd add one more thought too I you need to know how people can manipulate other people then you need to resist the temptation to do it yourself oh yes the the the the toxic people who are trying to fool you who are lie to you who aren't reliable meeting their commitments the great lesson of life is get them the hell out of your life Y and do it fast do it fast and I would add would Charlie would totally agree with me do it tactfully if possible too but do get them out of your life yes yeah I I don't mind a little tacted or even a little Financial cost but the question is getting them a hell out of the L could you please advise us on what major mistakes we should learn we should avoid in both investing and in life I would also like to have Mr munger's thoughts too please thank you very much well let me Charlie Charlie said the major mistake you can make that you know you're you're lucky if you're in the United States to go around the world you don't have a lot of choices some in some places but but you should you should write your obituary and then try and figure out how to live up to it uh and uh uh you know that's that's something you get wiser on as you uh go along the business mistakes uh you just want to make sure you don't make any mistakes to take you out of the game or come close to taking you out of your game you should never have a night when you're worried about uh investing I mean assuming you have any money to invest at all and you should you should you to spend a little bit less than you earn and you can spend a little bit more than you earn and then then you've got debt and the chances are you'll never get out of debt I I'll make an exception in terms of of a mortgage on your house but but credit card debt we're in the credit card business big time and the world will stay in the credit card business but why get behind the game and if you're effectively paying 12 or 14 or whatever percent you're paying out a credit card you know you're saying I'm going to earn more than 12 or 14% of money and if you can do that come to burshire heway so it it uh it's it's I hate to say this when Charlie's around me but it's straight out of Ben Franklin I mean and uh uh uh it's not it's not it's not that complicated but uh you well I'll I'll give you a couple lessons you know Tom Murphy the first time I met him said two things to me said you always tell someone to go to hell tomorrow well that was great advice then and think of what great advice it is when you when you sit down at the computer and screw your life up Forever by by telling somebody to go to hell or something else in 30 seconds and you can't erase it uh and you know you haven't lost the option you know and and and and he said you know praise praise by name criticized by category well what makes more sense than that I mean who do you like that criticizes you all the time and uh uh you don't need to you don't need to vilify anybody to make your point on on on on subjects of discussion and and uh and then the give you another General piece of advice i' I've never known anybody that was based basically kind that died without friends and uh I've known plenty of people with money that have died without friends uh including their family and uh but I've never known anybody and and uh you know I've seen a few people including Tom Murphy Senior and maybe Junior who's here but certainly his dad uh he I never saw him I I watched him for 50 years I never saw him do an unkind act I didn't I didn't seem to many stupid acts either I mean it wasn't that he was non-discriminating he just he just uh he just decided that that there was no reason to do it and uh wow what a difference that makes in life both of you has said before that the most difficult problems in life are always people problems and one of the key lessons you have learned to be able to live a happy life and a successful life is to stay away from negative people my question is what to do if those negative people are your families the people whom you can't simply stay away from yeah you minimize it but you can't no that I mean there's no question about it and Charlie gave an answer I thought was Master of tack the other day when he says you always ought to how to interact with people who behave well he say of course you have to make some exceptions to your family but it was but it's true and uh you know you really I don't know what it's like to have you know a drunken you know bullish uh probably father but parents just generally I mean it you know how do you handle it and uh it's very interesting that the MacArthur family uh the very famous John MacArthur the man that set up the MacArthur Foundation uh had five kids and four of them turned out to be superstars of one sort or another and they had this crazy itinerate drunken father but they all decided that the thing to do was get the hell out of the house and uh so he had this the father of the found MacArthur Foundation that uh did that along with three of the siblings out of five so you know I I was lucky I mean Charlie was lucky that uh it uh you know if you if you have a I mean our father saw plenty of shortcomings and and in in both of us but you know it would still be there for us and if you have one that won't be there for you you know I it's a very tough problem and I think one way or another I probably would have gotten through with that through that if I had that situation but I don't think I think my life would have been a lot different how do you see the streaming Wars evolving and do you still have conviction in your investment thesis and and how how would you like to manage my money for nothing they you we are not in the business of of uh giving stock advice to people and people who don't know anything about stocks can make a lot of money doing that we don't think it's something we should give away but I will say this it's not good news when any company passes the cividin or cuts the cividin dramatically and the streaming business is extremely interesting to watch because there's people people love to use their eyeballs watching being entertained on on a screen in front of them or a phone or whatever it may be but uh uh there's a lot of companies doing it and you need fewer companies or you need higher prices and well you need higher prices or doesn't work and you don't lock in people when you get them to to join up for the streaming period when your serial runs I mean you you know you keep them on for a while but you can't lock them up and uh uh and we'll see what happens I mean uh I had a gasoline station when I was 21 or 22 and it's about three or four four four or five miles from here and we had one competitor and and uh he determined our profit because he we looked at his price every day and if we cut the price he'd match it and we couldn't raise the price and uh he did twice the gallon so he won and there's just basic business problems that you see with certain IND That You Don't See with the other Disney was unique uh in its animated what it offered you know in the 30s and 40s and and they wrote the stuff off in the first showing and then they they uh rejuvenated Snow White and all these other people every seven years and that was fine but this is a different world and uh and the eyeballs aren't going to increase dramatically in the time they can spend or it's not going to increase dramatically and you got a bun bunch of companies that don't want to quit and and uh who knows what pricing does under that but anybody tells you what they know what pricing will do in the future is is is kidding themselves Charlie Charlie's had a lot of experience incidentally with Hollywood I mean he used to before I even met him uh I think the movie business is one tough business yeah that's my view the talent will make the money the agents will make the money and if you've got a theater you know the theaters are now doing something 70% of the business that they did before the pandemic and big hits you know have enormous grosses but you can't reduce the supply people have only got so many so many hours in the day they've only got two eyeballs and and they got more choic than ever before and they've got stuff that's cheaper that uh offers them the same experience and not some of them like to experience you know particularly the big hits of going and but it isn't like you can double the number of people or double the eyeballs or anything like that and and you've got a lot of people the talent will always get paid and uh when you essentially are packaging that Talent one way or another uh and you need to get higher prices and you've got a lot of strong companies that don't want to quit uh that's an interesting an interesting equation and if you think the movies are tough try to invest in a New York show on a conventional stage there they think it's a breach of faith in that business to let the person don't put up the money ever get any money back yeah yeah well Charlie saw a lot of that actually when yeah I I don't like those businesses tell them what happened on Cleopatra Charlie it's no it it it uh it's a business that everybody's tempted to go they love the the idea of going in it you know and they get a certain amount of psychic income but uh but I never owned any resources either well I my father-in-law and I used to talk about claiming a horse at thearon but we never quite got around to it we had a lot of fun going to the track together okay section six
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